Singapore inflation eases with broad price moderation in H1

The Consumer Price Index (CPI)-All Items for general households rose by 0.9% on a YoY basis from January to June 2025.

Singapore’s consumer price growth moderated in the first half of 2025, with inflation easing across all household income groups, according to figures released by the Singapore Department of Statistics on 23 July 2025.

The Consumer Price Index (CPI)-All Items for general households rose by 0.9% on a YoY basis from January to June 2025, down from the 1.8% increase recorded in the second half of 2024. All income groups experienced slower inflation over the same period.

By household income group, CPI-All Items inflation stood at 0.8% for both the lowest 20% and middle 60% income groups, and 1.2% for the highest 20%.

When excluding imputed rentals for owner-occupied housing, the CPI rose by 0.6% for the lowest income group, 0.7% for the middle group, and 1.3% for the highest income group.

The Department identified Accommodation, Health Insurance, Food, and Motor Cars as the main contributors to the CPI increase across all household groups. These upward pressures were partially offset by lower prices for Holiday Expenses and Electricity.

The highest 20% income group experienced the largest increase in CPI excluding imputed rentals, primarily due to a higher expenditure share on motor cars, which had a stronger inflationary effect on their consumption basket.

Category-level data showed that food prices rose by around 1.2% to 1.3% across income groups. Health and transport costs also increased, whilst prices declined in categories such as Clothing and Footwear, Information and Communication, Recreation, and Education.

Notably, education expenses fell by as much as 2.8% for the lowest income group.